Example Public Company Limited is designed to help you in preparing annual financial reports in accordance with Australian Accounting Standards based on current disclosure and presentation requirements for financial years ending 31 December 2020 and 30 June 2021. It illustrates one possible format for financial statements based on a fictitious for-profit multinational corporation involved in general business which is not a first-time adopter.
Given Australia’s close alignment to IFRS® Standards, a substantial portion of Example Public Company Limited has been based on the illustrative disclosures publication prepared by our international colleagues based on ‘pure’ IFRS Standards.
However to illustrate additional Australian specific disclosure and alternative presentation methods that are commonly used in Australia, a separate section, has been included, just before the main financial statements. A clear cross-reference to the Australian section is included on affected international pages.
Our guide includes a what’s new page, which contains a summary of all new or revised accounting standards and regulatory changes that have been reflected in Example Public Company Limited since the previous edition of this guide and references to other resources in the guide that you might find useful to your financials statement preparation for the current period.
In what has been a turbulent and unpredictable year, the COVID-19 pandemic continues to impact corporate Australia’s ability to operate and has resulted in economic slowdown and uncertainties. Unsurprisingly, the focus of ASIC and users of the financial statements has swung from the impact of new accounting standards to the impact of COVID-19 and the myriad of financial reporting considerations that this brings.
Transparency has never been more important – useful and meaningful disclosures about judgements made and the estimates used in making them will be vital to stakeholders.
When using Example Public Company Limited to assist with the preparation of your year-end financial statements, refer to our accompanying COVID-19 supplement (PDF 2.5MB) for a suite of disclosures which illustrate how an entity may communicate the accounting issues arising from COVID-19 in the financial statements.
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